Santa Clara network-security company Infoblox announced the departure of its CEO along with disappointing financial results Thursday, and the firm’s stock immediately nose-dived, chopping off nearly a third of Infoblox’s market valuation.

In separate news releases Thursday afternoon, Infoblox reported that CEO Robert Thomas would step down as soon as a replacement is found and weak year-over-year sales growth and revenue forecast that sent the stock spiraling.

“While we made progress in a few areas of the company, we again experienced challenges in closing seven-figure transactions,” Thomas admitted in the earnings announcement. “Clearly, our top priority is to reaccelerate top-line growth and we are taking actions to improve sales execution.”

Thomas took the helm at Infoblox in 2004, five years after its founding and a year after the firm moved from Chicago to Silicon Valley upon receiving an investment from Sequoia Capital. The former Netscreen Technologies and Sun Microsystems executive led the company through a 2011 initial public offering that valued Infoblox at more than $800 million, a total that only swelled after shares hit the open market.

Thursday’s dual announcements seemed to immediately sour enthusiasm for the company, though. Sales grew only 5 percent year-over-year to $61 million, the low end of Infoblox’s forecast and part of a trend that has seen the company’s growth rate — a big selling point ion its IPO — decline while net losses persist. Infoblox doesn’t expect that performance to improve anytime soon, either, with forecasts calling for $60 million to $61 million in revenues in the current quarter and $245 million to $246 million for the full year, both coming up well short of Wall Street expectations.

After closing with a 1.8 percent increase at $20.52, giving Infoblox a $1.1 billion market capitalization, shares plunged by 30 percent and more in late trading Thursday, with prices calming around the $14.50 level. Infoblox is the 116th largest technology company in Silicon Valley in terms of sales after growing revenues 27.6 percent to $245.5 million in 2013, when losses were halved to $5.7 million.

A series of reports this year by researchers and media have drawn attention to the loose movement and its propagation on social media. In April, an advocacy group called the Tech Transparency Project warned that Boogaloo followers were discussing taking up arms while promoting protests to "liberate" states from coronavirus restrictions.